Qataris to spring for Printemps

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Qataris to spring for Printemps

Qataris to spring for Printemps
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The Qataris continue their investment shopping spree, with the upmarket French department store Printemps in their sights.

Italian businessman Maurizio Borletti – who currently owns 30 percent of the chain of 16 stores – has joined up with the Qataris to bid for full control.

Deustche Bank’s property arm is the seller of the other 70 percent.

The identity of the Qatari investors involved has not been revealed.

Qatar, which is the world’s wealthiest country per capita, has been steadily building up its presence in high-end retailing and fashion, with the Emir, Hamad Ben Khalifa Al-Thani, leading the way.

The Qatari royal family seems to be particularly interested in developing closer ties with France.

The country’s state investment fund bought one of France’s leading football clubs – Paris Saint-Germain – for 50 million euros in 2011.

In the luxury goods industry it owns London’s famous department store Harrod’s purchased in 2010 for an estimated 1.5 billion pounds.

Then last year, the Qatari royal family acquired Italian fashion brand Valentino for 700 million euros.

They also own a number of buildings in the Paris jewellery retail centre Place Vendome, along with stakes in Tiffany’s, LVMH, and Porsche.